Paying only the minimum on your credit card is the most expensive way to borrow: the average $6,610 balance at about 19.6% APR takes roughly 43 years to clear and costs $30,072 in total, with $23,462 of that pure interest. Paying just $100 extra a month clears it in about 39 months and saves over $21,000 — stop new charges and ask your bank for a lower rate. Follow US Money Guide for daily money tips!
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Educational content, not financial advice.
